Indian equity benchmarks cut all of their gains in late morning session to trade in red terrain. Negative cues from other Asian markets impacted domestic sentiments. Traders overlooked reports that Moody's Investors Service has said that high-frequency alternative data indicates a strong rebound in economic activity even as infection rates rise and restrictive measures remain in place across many countries. New infections are spiking again across 13 of the G-20 countries. Nevertheless, the number of fatalities has decreased in recent weeks as vaccinations gather pace.
On the global front, Asian markets were trading mostly in red, after consumer prices in China were up 0.4 percent on year in March. The National Bureau of Statistics said that exceeded expectations for an increase of 0.3 percent following the 0.2 percent contraction in the previous month. On a monthly basis, inflation sank 0.5 percent - shy of forecasts for a decline of 0.4 percent after jumping 0.6 percent in February. The bureau also said that producer prices jumped 4.4 percent on year in March - beating expectations for an increase of 3.5 percent and up sharply from the 1.7 percent gain a month earlier.
The BSE Sensex is currently trading at 49639.19, down by 107.02 points or 0.22% after trading in a range of 49499.99 and 49906.91. There were 18 stocks advancing against 12 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index was up by 0.15%, while Small cap index was up by 0.69%.
The top gaining sectoral indices on the BSE were Healthcare up by 1.75%, Consumer Durables up by 0.92%, FMCG up by 0.78%, PSU up by 0.21% and Industrials up by 0.19%, while Metal down by 1.08%, Power down by 0.69%, Telecom down by 0.66%, Basic Materials down by 0.49% and Energy down by 0.43% were the top losing indices on BSE.
The top gainers on the Sensex were Sun Pharma up by 3.85%, Hindustan Unilever up by 2.63%, Titan Co up by 1.89%, Dr. Reddy’s Lab up by 1.51% and SBI up by 1.10%. On the flip side, Bajaj Finance down by 1.99%, Ultratech Cement down by 1.74%, NTPC down by 1.67%, Asian Paints down by 1.04% and Reliance Industries down by 0.86% were the top losers.
Meanwhile, Union minister Anurag Singh Thakur has said India is open for stronger trade and investment with the European Union (EU). Portugal's Minister of State for Internationalization Eurico Brilhante Dias called on Thakur ahead of the 5th Joint Economic Commission India-Portugal meeting in Delhi. The meeting would discuss the ongoing negotiation process of trade and investment agreements between India and the EU.
Indian and Portuguese Prime Ministers share a special bond and both nations have strong ties. The Minister of State for Finance said India welcomes and is open for trade and investment with the EU. Portugal is a member of the EU that comprises 27 nations.
The negotiations between India and the EU on a free trade agreement have been stalled since May 2013, when both sides failed to bridge substantial gaps on crucial issues, including data security status for the IT sector. The negotiations were launched in June 2007. The EU-India annual summit is expected to be held later this year.
The CNX Nifty is currently trading at 14857.90, down by 15.90 points or 0.11% after trading in a range of 14806.35 and 14918.45. There were 21 stocks advancing against 28 stocks declining, while 1 stock remained unchanged on the index.
The top gainers on Nifty were Sun Pharma up by 3.57%, Cipla up by 2.96%, Hindustan Unilever up by 2.56%, Tata Motors up by 2.55% and Titan Co up by 2.08%. On the flip side, Bajaj Finance down by 2.12%, UPL down by 2.06%, Ultratech Cement down by 1.83%, NTPC down by 1.67% and Tata Steel down by 1.46% were the top losers.
Asian markets were trading mostly in red; Hang Seng decreased 210.00 points or 0.72% to 28,798.07, Taiwan Weighted dropped 62.72 points or 0.37% to 16,863.72, Shanghai Composite declined 25.81 points or 0.74% to 3,456.74, KOSPI fell 5.31 points or 0.17% to 3,137.95 and Straits Times trembled 2.77 points or 0.09% to 3,183.63. On the flip side, Jakarta Composite soared 17.86 points or 0.29% to 6,089.58 and Nikkei 225 surged 185.87 points or 0.63% to 29,894.85.